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Click to edit Master title style,Click to edit Master text styles,Second Level,Third Level,Fourth Level,Fifth Level,Click to edit Master title style,Click to edit Master text styles,Second Level,Third Level,Fourth Level,Fifth Level,Developing New Products,Chapter 10,Management View of a New Product,Invention: New to the world (10%),New category entries,Additions to Product Lines,Repositioning (7%),Improvements (37%),Consumers View of New Products,NEW PRODUCT DEVELOPMENT DILEMMA,Rewards from success high,Risks of failure high,Product Superiority,Customer Orientation,Market Attractiveness,Early Entrance,Careful Timing,Excellent Teamwork and Execution,Why Do New Products Succeed?,Why Do New Products Fail?,Improper Targeting and Positioning,Problems in Product and Marketing Planning,Overpromising Satisfaction,No Competitive Differentiation,Not Good Value,Inadequate Marketing Communication,Poor Channel Management,Inadequate Profits,Quicker Cars (WSJ 12/95),Time it takes to develop new vehicle from concept approval to production,1. Idea generation,Goal:,ideas may come from:,customer suggestions,employees,research and development,competition,overseas,2. Screening,evaluate new product ideas:,adequacy of market demand,environmental/social standards,fit with companys strengths,fit with companys image,Ask:,is there a real consumer need for the product?,do we have the scientific/ technological ability,is the potential large enough to offer some promise of profit,3. Business Analysis,do serious quantitative analysis,estimate costs,make financial projections,4. Product Development,turn idea into a prototype,marketing strategy outlined,5. Market Testing,can uncover errors in the marketing program,informs competitors of a companys new product,may provide unreliable data,no guarantee of success,expensive,may not be possible for expensive durables,6. Commercialization,start-up production,build inventories,ship to field distribution,train sales force,Commercialization: Key Issue How?,When,Where,Whom,Product,Price,Place,Promotion,PLC: Introductory Stage,Product limited number of versions,Price High enough to recover launch costs,Place Limited, high margins,Promotion Build,primary demand,Overall Strategy:,market acceptance,Characteristics:,Low sales, Little competition, Negative or little profit.,Four IntroductoryMarketing Strategies,Rapid-,skimming,strategy,Rapid-,penetration,strategy,Slow-,penetration,strategy,Slow-,skimming,strategy,Price,Low,High,Promotion,High,Low,PLC: Growth Stage,Product Expanded # of models,Price High to take advantage of heavy demand,Place Pipeline effect,Promotion Build,selective demand,Overall Strategy:,Market penetration; persuade mass market to prefer brand; expand users/use,Characteristics:,Sales grow at increasing rate, competitors enter and profits peak toward end,Product Life Cycle: Maturity Stage,Overall Strategy:,Defend brand position against competition,Characteristics:,Sales increase at decreasing rate; market place reaches saturation, sales peak,Product:,Price:,Place:,Promotion:,Advertise brand aggressively, promote to dealers/customers,PLC: Decline Stage,Sales decline,Competitors leave,A small loyal market may keep some items profitable during decline,Reposition,Overall Strategy:,reduce expenses, prepare for removal, milk brand of all possible benefits,Evaluation of the Product Life Cycle Concept,+,good as planning tool,- applies better to categories of products than to individual products,- length of time product remains in each stage unknown,- several variations of PLC,
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